Market Analysis for The Week of 4/26
The Positioning Rubber Band
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When the market is trending (in this case higher) I include in each week’s plan what must happen to negate this trend. If that doesn’t happen, then (in the case of an uptrend like now) we simply remain long and long biased on trades. For last week, sellers had to find acceptance back in the preceding Thursday’s range. This meant below 7089, and 7078-7081 in particular. Low of week was 7079.25. That was a minimum requirement, and it still could have produced a multi-day balance off that preceding Thursday’s low. Instead, it was low of week and on Friday a multi-day balance broke to the upside.
Friday did break the multi-day balance to the upside, thus far by a small margin. Should this upside break sustain, then matters remain straightforward. Should it fail, it doesn’t necessarily mean the uptrend is over. We will cover what does need to happen to solidify that in this week’s plan. That said, based on NQ and SMH 0.00%↑ in particular, there is reason to believe that this upside break may (at least initially) fail.
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